ACQUISITIONS (Tables)

9 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Purchase Price, Fair Value Estimates of Assets Acquired and Liabilities Assumed, and Resulting Goodwill

The following table summarizes the purchase consideration, fair value estimates of the assets acquired and liabilities assumed, and resulting goodwill as of the June 1, 2022 acquisition date.

	TriState Capital
$ in millions, except share and per share amounts	June 1, 2022
Fair value of consideration transferred:
Fair value of common stock issued:
Shares of RJF common stock issued	7,861,189
RJF share price as of June 1, 2022	$	97.74
Fair value of RJF common stock issued for TriState Capital common stock	$	768
Other common stock consideration	10
Total fair value of common stock issued	778
Cash consideration (1)	359
Effective settlement of the Note	123
Preferred stock issued	120
Restricted stock awards issued	28
Total purchase price	$	1,408
Fair value of assets acquired:
Cash and cash equivalents	$	457
Financial instruments:
Available-for-sale securities	1,524
Derivative assets	51
Other investments	14
Bank loans, net	11,549
Deferred income taxes, net	26
Identifiable intangible assets	197
Other assets	226
All other assets acquired	45
Total assets acquired	$	14,089
Fair value of liabilities assumed:
Bank deposits	$	12,593
Financial instrument liabilities — Derivative liabilities	125
Accrued compensation, commissions and benefits	18
Other payables	99
Other borrowings	375
Total liabilities assumed	$	13,210
Fair value of net identifiable assets acquired	$	879
Goodwill (2)	$	529

(1)    Cash consideration includes $6 per TriState Capital common share outstanding (for a total of $189 million) and $30 per TriState Capital Series C Convertible Preferred Stock outstanding (for a total of $154 million), as well as other cash amounts paid to settle outstanding TriState Capital warrants and options outstanding as of the closing and cash paid in lieu of fractional shares. We utilized our cash on hand to fund the cash component of the purchase consideration.

(2)    The goodwill associated with this acquisition, which has been allocated to our Bank segment and primarily represents synergies from combining TriState Capital with our existing businesses, is not deductible for tax purposes.

The following table summarizes the purchase consideration, fair value estimates of the assets acquired and liabilities assumed, and resulting goodwill as of the January 21, 2022 acquisition date.

	Charles Stanley (1)
$ in millions	January 21, 2022
Purchase price	$	376
Fair value of assets acquired:
Cash and cash equivalents	$	154
Assets segregated for regulatory purposes	1,890
Brokerage client receivables	270
Identifiable intangible assets	85
All other assets acquired	36
Total assets acquired	$	2,435
Fair value of liabilities assumed:
Brokerage client payables	$	2,131
Accrued compensation, commissions and benefits	42
Other payables	50
Total liabilities assumed	$	2,223
Fair value of net identifiable assets acquired	$	212
Goodwill (2)	$	164

(1)    The fair value of assets acquired and liabilities assumed associated with the Charles Stanley acquisition were denominated in British pounds sterling (“GBP”) and converted to U.S. dollars using the spot rate of 1.3554 as of January 21, 2022.

(2)    The goodwill associated with this acquisition, which has been allocated to our PCG segment, primarily represents synergies from combining Charles Stanley with our existing businesses and is not deductible for tax purposes.

Difference Between Par Value and Purchase Price of PCD Loans at Acquisition

The following table reconciles the difference between the unpaid principal balance and purchase price of PCD loans at acquisition.

$ in millions	June 1, 2022
Unpaid principal balance of PCD loans	$	337
Allowance for credit losses on PCD loans	(3)
Non-credit discount on PCD loans	(10)
Purchase price of PCD loans	$	324

Identifiable Intangible Assets Acquired

The following table summarizes the fair value and weighted average estimated useful life of identifiable intangibles assets acquired as of the respective acquisition dates.

	June 1, 2022			January 21, 2022
	TriState Capital			Charles Stanley
$ in millions	Estimated fair value		Weighted average estimated useful life	Estimated fair value		Weighted average estimated useful life
Fair value of identifiable intangible assets acquired:
Core deposit intangible	$	89	10 years	$	—	—
Customer relationships	54		17 years	65		13 years
Trade name	33		20 years	15		10 years
Other	16		10 years	5		6 years
Non-amortizing customer relationships	5		N/A	—		—
Total identifiable intangibles assets acquired	$	197		$	85

Pro Forma Financial Information

The unaudited pro forma financial information is presented for informational purposes only, and is not necessarily indicative of future operations or results had these acquisitions been completed as of October 1, 2020.

	Three months ended June 30,				Nine Months Ended June 30,
$ in millions	2022		2021		2022		2021
Net revenues	$	2,782	$	2,613	$	8,486	$	7,470
Pre-tax income	$	483	$	424	$	1,575	$	1,252